Markets regulator Sebi on Monday imposed a total fine of Rs 15 crore on several Fund officials, including its head Sanjay Sapre and Chief investment officer Santosh Kamat, along with a trustee and five fund managers for violating regulatory norms. Sebi siad that although the six funds were sold as having different investment strategies, they were actually managed almost with a similar high-risk investment approach. The fines relate to FTMF's six debt schemes which are under a winding up process since April 2020. In a related matter, Sebi also imposed a fine of Rs 45 lakh on Venkata Radhakrishnan, a director with the fund house and Rs 5 lakh on his wife, Malathi Radhakrishnan, for redeeming his investments ahead of the announcement of the closure using private information. The regulator further imposed a fine of Rs 25 lakh on Jayaram Slyer, also a director at the fund house, for exactly the same fault as Radhakrishnans. In another related order, Sebi imposed a fine of Rs 5 crore on Mywish Marketplaces, a startup that had taken a 15-million loan from FTMR. The company has also been fined for redeeming its investments with one of the under-closure debt schemes just ahead of the announcement of winding up, using private information. UK chancellor and N.R Naryana Murthy's son-in-law Rishi Sunak was pulled into a service tax dispute business on Amazon, forcing his office to issue a statement on taxes to be paid by digital businesses. An article in the UK publication The Guardian on Monday said that Cloudtail a joint venture between Murthy's Cantamaran Ventures and Amazon, faces a 5.5 million-pound (about Rs 55 crore) demand, including interest and penalties, from India's tax authorities. Cloudtail one of the biggest sellers on Amazon.
